DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was 1 cent weaker at 13 cents under the September futures contract while the DTN National Corn Index was up 1 cent at $3.89. The national average basis for soybeans was 1 cent stronger at 50 cents under the November futures contract, while the DTN National Soybean Index was down 5 cents at $9.51. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 53 cents under the September futures contract, while the DTN National Hard Red Winter Wheat Index was steady at $4.71. The national average basis for hard red spring (HRS) wheat was 1 cent weaker at 47 cents under the MIAX Minneapolis September futures contract, while the DTN National Hard Red Spring Wheat Index was down 4 cents at $5.55.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$3.89	$0.01	-$0.13	Sep	-$0.001
Soybeans:	$9.51	-$0.05	-$0.50	Nov	$0.003
SRW Wheat:	$4.83	-$0.03	-$0.55	Sep	$0.006
HRW Wheat:	$4.71	$0.00	-$0.53	Sep	-$0.009
HRS Wheat:	$5.55	-$0.04	-$0.47	Sep	-$0.010

CORN:

The national average corn basis for Tuesday was 13 cents under the September futures, 1 cent weaker Monday's basis. PNW basis is steady at +140U and Hereford, Texas, is 5 cents stronger at +125U. CIF basis is steady at +84U and track St. Louis is steady at +42U. Processors are mixed with Cedar Rapids, Iowa, 3 cents stronger at +4U; Fort Dodge, Iowa, is steady at -5U; Council Bluffs, Iowa, is steady at +13U; Decatur, Illinois, is 3 cents stronger at +18U; Mitchell, South Dakota, is at -20U; Blair, Nebraska, is 3 cents weaker at +12U; Hastings, Nebraska, is steady at -8U; Lincoln, Nebraska, is 5 cents stronger at -5U; Garden City, Kansas, is steady at +5U; Columbus, Nebraska, is steady at +18U; and Marshall, Minnesota, is steady at -12U.

SOYBEAN:

The national average soybean basis for Tuesday was 50 cents under the November futures, 1 cent stronger than Monday's basis. PNW basis for October is steady at +100X. July CIF basis is 5 cents stronger at +95Q and track St. Louis is 3 cents stronger at +40Q. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at +19X; St. Paul, Minnesota, is steady at -30Q and basis on the Illinois River at Havana, Illinois, is steady at +8Q. Processors are mixed with Council Bluffs, Iowa, steady at -5X; Cedar Rapids, Iowa, is steady at -25X; Sioux City is 5 cents weaker at -10X; Decatur, Illinois, is steady at -20X; Volga, South Dakota, is steady at -40X; Spiritwood, North Dakota, is steady at -55X; Hastings, Nebraska, is steady at -60X; Lincoln, Nebraska, is 10 cents weaker at -20X; Aberdeen, South Dakota, is 5 cents stronger at -45X; Mitchell, South Dakota, is 3 cents stronger at -67Q; and Mankato, Minnesota, is 3 cents stronger at -5X. BN secondary shuttle freight for returns is bid plus $150 over against no offers, and LH July is bid plus $100 over against no offers. UP secondary freight for returns is bid minus $100 against offers of plus $100 over, and LH July is bid minus $100 against offers of plus $100 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Tuesday was 55 cents under the September futures, 1 cent stronger than Monday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Tuesday was at 53 cents under the Kansas City September futures, 1 cent weaker than Monday's basis. Spot premiums were steady to higher with ordinary protein through 11% steady at +80; 11.2% through 12.2% up 10 at +90;12.4% through 12.6 is up 5 at +90; 12.8% was steady at +90; 13% through 13.8% is steady at +105 and 14% was steady at +177. Gulf bid for spot 11% protein was steady at +90 with no protein bumps. June PNW 11.5% was steady at +125, while the June Texas Gulf basis for 11% was steady at +90. Algeria was reported to have bought up to 1 million metric tons of soft milling wheat for LH Sept/Oct shipment with origins not named but possibly Baltic and/or Black Sea. Taiwan is tendering for 89,000 mt US HRW/DNS/WW combo.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Tuesday was at 47 cents under the MIAX Minneapolis September futures, 1 cent weaker Monday's basis. The MIAX Futures Exchange, LLC Floor Trading Summary of spot milling spring wheat cash premiums closed as follows basis the September MIAX spring wheat futures: 12% proteins were not quoted; 13% proteins were unchanged at +70N; 13.5 proteins were unchanged +75N; 14 proteins were unchanged at +175N; 14.5% proteins were unchanged at +160N; 15% proteins were down 75 to unchanged at +250 to +400N, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 15 cars, which included one train. Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight.

Mary Kennedy can be reached at mary.kennedy@dtn.com

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